Go-To-Market B2B and Lead Generation are interrelated elements to achieve Business Development Growth Hacking.
What is a Go-To-Market B2B?
Go-To-Market B2B (GTM) is a Business Development strategy for gaining a competitive advantage through innovation in the area of the product and service itself, as well as its marketing and sales.
The innovation can therefore be a new product or its features, but also a pricing strategy, new sales channels, marketing strategy for Lead Generation, or the way the product or service is presented to potential leads.
What do Go-To-Market have in common with Lead Generation?
Go-To-Market (GTM) is a strategy that defines how a company plans to gain a competitive advantage in a innovative way. In this approach, Lead Generation can be used as a innovative way for reaching the target audience.
How to use Lead Generation for Go-To-Market?
Here are simple but powerful ways you can effectively use Lead Generation for your Go-To-Market strategy:
- Create an attractive landing page optimized for high lead conversion. Include newsletter subscription as secondary conversion and YouTube subscription as third.
- Use social media, paid ads and SEO to direct leads to the landing page.
- Use marketing automation to encourage visitors to leave email address by signing up for your newsletter or YouTube channel.
- Track conversions with Google Analytics to create audiences.
- Target audiences with Google Ads and Email Marketing
How effective is Go-To-Market?
Companies in the High-Tech allocate a large portion of their budgets to to offer innovative solutions and enhanced services. According to market research, applying an effective GTM strategy can bring in as much as 5 to 15% more revenue.
Go-To-Market in B2B
There are 3 key areas of Go-To-Market B2B strategy:
- product innovation means new product or service or features that were not addressed before
- sales innovation may include innovative pricing strategies or buying / delivery,
- marketing innovation can focus on innovative Lead Generation, such as SEO or SEM.
Choosing the area of innovation it is worth knowing that product innovation is the most difficult as it requires more time and resources. The fastest and cheapest Go-To-Market strategy is Marketing Innovation.
Marketing Innovation in B2B
B2B companies often rely on traditional marketing (trade shows, exhibitions, flyers) and traditional sales channels through distributors. B2B companies that have discovered the benefits of innovative go-to-market strategies, such as e-commerce and digital marketing, are getting ahead of their competitors. The High-Tech industry is one of the biggest adopters of these new solutions. According to drySEO data, companies that innovate marketing with lead generation can expect up to 500% more leads generated within just 12 months (see the example).
In the B2B industry, it is common to treat customers based on annual turnover. This approach leads to an 80:20 ratio effect, where 80% of revenue comes from 20% of clients. As a result, the remaining 80% have low engagement. If correctly applied, Go-to-Market strategy can reverse the 80:20 trend by increasing customer engagement and loyalty. To achieve the effect, a proactive approach to the customer is applied from the customer acquisition stage, to post-purchase service.
GTM Marketing Techniques
The process of generating leads can take place both externally and internally. Outbound marketing mainly focuses on techniques such as search engine optimization (SEO) and paid advertising (SEM). Inbound marketing focuses on increasing conversions, that is, converting website traffic into real leads. In this area, effective GTM B2B techniques include dynamic content customization and upselling and cross-selling, which involve offering additional products or services.
DrySEO’s data clearly shows that customers prefer to buy products and services from local suppliers, even if the service is provided remotely. Therefore, using location data in marketing messages can quickly increase conversions. Personalizing customer communications based on localization and behavioral data on the user journey can result in a significant increase in conversions by up to 500% in 12 months.
Customer Journey in Go-To-Market
Customer Journey includes stages that people go through before making a purchase decision. By learning data about this process, B2B companies can tailor their products and services to users’ needs and optimize their customer service processes. In B2B, a Customer Success Manager is responsible for understanding how customers make purchasing decisions and what their expectations are for a product or service. The data input from a Customer Success Manager can be used for Go-To-Market innovation in 3 key areas (product, sales, and marketing).
Product Innovation in Go-to-Market
Innovating a product or service is a process involving time and financial resources for R&D and production over a long period of time. New features require good testing, but most importantly, a good understanding of customer needs.
B2B companies employing a Go-To-Market strategy place great emphasis on the definition of product and service innovation, so make sure that product launch will bring the expected benefit.
Sales Innovation in Go-to-Market
Common customer pain points in high-tech are the product specifications. Lack of intuitiveness translates into low customer satisfaction and thus lowers conversion. Optimizing the buying process requires a good understanding of the customer, which can only be achieved by using direct research.
Pricing strategies are the most effective tool for sales processes in a Go-To-Market strategy. Price is usually one of the most important pain points in the customer path. The cost of a product or service must be proportionate to the benefits of using it. Solutions such as discounts, installment systems, or cross-selling are effective ways to match the value of a product or service to customer expectations.
Go-To-Market with CRM
Go-To-Market is an approach to the entire Business Development. To succeed, companies need to monitor users satisfaction and maintain direct communication with customers. Implementing tools such as Salesforce CRM, allows you to effectively manage processes and get better results.
Go-To-Market B2B: summary
Go-To-Market strategies are an effective way to optimize sales, marketing, and product development processes in the B2B industries. The key element is to understand the customer’s needs and address them at every stage, thus increasing conversions and customer engagement. If you want to effectively implement a go-to-market B2B or service blueprint strategy for your business, we encourage you to contact our team of drySEO specialists.